20 Jan You work for a consulting firm whose primary objective is to help businesses improve their strategic operations. Your firm recently was hired by a newspaper company named Hoosier Media Inc. The client’s print newspaper circulation and subscriptions have d
You work for a consulting firm whose primary objective is to help businesses improve their strategic operations. Your firm recently was hired by a newspaper company named Hoosier Media Inc. The client's print newspaper circulation and subscriptions have declined, resulting in 30% lower revenues over the last five years. Online ad revenues have increased but currently account for just 5% of the company's revenue. You have been tasked with providing a comprehensive internal and external analysis to help the firm improve its business operations.
Marketing
Currently Hoosier Media utilizes traditional media vehicles for marketing. This includes print advertising to solicit new and renewal newspaper subscriptions. Other marketing tactics currently used include regional television and radio advertising spots. Management has expressed interest in expanding its marketing reach through social media and mobile app technology but is unsure how to move forward in those areas.
Information technology
Hoosier Media's newsroom is in dire need of technological updates. All workstations currently have desktop computers; however, many employees have been requesting the ability to work from home as well as have access to company networks while on the road for business. Many of the younger employees would like to have access to iPads and would like to replace their desktop computer with lightweight laptop computers.
For the next phase of your consulting engagement, address the following in a 700- to 1,050-word paper:
- Propose marketing and information technology implementation tactics for Hoosier Media, Inc.
The paper should also reflect on how the company should communicate its strategic plan to key stakeholders by:
- Identifying the information that should be communicated.
- Defining the audience that should receive the communication.
- Identifying the channel(s) of communication
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Title ABC/123 Version X |
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Balanced Scorecard Template BUS/475 Version 8 |
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University of Phoenix Material
Balanced Scorecard Template
Note: Hoosier Media is to be used as a resource for this Week 3 assignment as a carryover from Week 2.
Background
Strategic objectives are a measure of attaining your vision and mission. They reflect the vision, mission, and values of the business, as well as the outcomes of the intenral and external environmental analysis.
Scorecard Areas
Develop at least three strategic objectives for each of the four balanced scorecard areas.
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Financial Objectives |
Measures |
Targets |
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Market |
Strengthen customer services. Increase employee benefits. Look at buying into competetors to reduce competition. Encourage and reward innovation |
50% 35% 15% 70% |
|
Revenue and Cost analysis |
Increase average transaction cost. Increase prices where necessary. |
12% 25% |
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Profits |
Boost productivity Expansion Reduce the cost of production Improve sales |
50% 20% 30% 35% |
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Customers Objectives |
Measures |
Targets |
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Customer Satisfaction |
Understand customer expectations Conduct customer surveys Incorprate rewards program |
60% 40% 30% |
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Increase customer value |
Retain customers Increase prices of products and services. Increase referrals from customers. |
75% 10% 50% |
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Retain Customers |
Address customer dissatisfaction. Be honest with customers. Increase Community relations. |
60% 80% 45% |
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Internal Business Process Objectives |
Measures |
Targets |
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Process Improvements |
Efficiency indicators Quality indicators Productivity indicators |
65% 75% 80% |
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Operations |
Address company’s vision statement. Close the loops. Increase awareness of the process changeability. |
65% 70% 50% |
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Productivity improvements |
Motivate employees Advance technology Increase Teamwork |
60% 75% 80% |
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Learning and Growth Objectives |
Measures |
Targets |
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Organization Culture |
Use crisis as an opportunity. Incorporate changes Team building projects |
35% 30% 40% |
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Increase employee satisfaction |
Reward employees Increase healthy habits Break the mold. Recognize employees that go above and beyond. |
60% 35% 50% 80% |
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Retain Customers |
Increase purchase frequency. Expand customer base. |
75% 40% |
Reflection
Assess, in no more than 350 words, trends, assumptions, and risks of Hoosier Media, Inc.’s business model after completing the strategic objectives for each area.
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The strategies addressed above in financial, sutomer, internal business processes and learning objectives incorporate long-term and short-term goals that are in line with the company’s vision and mission statements. Through a SWOTT analysis the company can implement the financial objectives such as increase revenue and cost through more efficient productivity, increasing the costs of products and services, and technology innovation. Customer objectives include increasing customer relations by conducting surveys, incorporating customer rewards programs, and understanding customer expectations. By conducting surveys, the company can learn the strengths and weaknesses and address any changes that may help customer relataions. Allowing customers to earn rewards by purchasing Hoosier Media’s products can give the customers a sense of belonging and more reasons to stay loyal. The internal business processes, to include, performance process and improving productivity can help the company to run smoother and more effectiently. If employees know they are being evaluated, it gives them a reason to be more productive. Increasing teamwork by grouping employees together to complete missions can help employees feel more comfortable working together and increase communication throughout the company. Learning and growth objectives can be the single most important part of the analysis. Increasing customer retention will ensure the company can maintain profits for a long time. A company that can learn from its crisis is a company that will grow stronger and be more prepared for upcoming changes. Lastly, expanding the customer base will immediately increase profits, learning and reporting in other fields can bring in new customers and increase profits. The target percentages are set as long term goals and should be broken down into monthly objective goals. Putting too much imphasis on one goal too fast can set the company back in other goals, therefor, the company should go into a crawl, walk, run phase to help ensure all goals are met and not just one. |
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Copyright © 2018 by University of Phoenix. All rights reserved.
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Internal and External Environmental Analysis
Thomas Dennis
BUS/475
01 October 2018
Dr. Leah Raby
Internal and External Environmental Analysis
Hoosier Media Inc. has seen their sales drop over the past 5 years and the company needs help to turn things around. They have seen a profit loss of 30% over the past 5 years in their newspaper print circulation. They have online ad revenues that have increased profits, but currently only make up about 5% of the company’s revenue. I will conduct an analysis to help turn the company around and increase profits.
Identify economic, legal, and regulatory forces and trends in Hoosier Media Inc.
The first thing that Hoosier Media will need to do is come up with an effective strategy to increase profits. This will help Hoosier Media reach and maintain expectations. The exterior factors include economic elements, innovative technology, and regulating elements. Regulatory factors and most legal matters work together with strategic business goals. Regulatory and legal elements should always be followed by businesses to avoid any future issues that can cost the company money. Information technology plays a vital role in almost all businesses, and Hoosier Media has started with online ads. I would suggest that they expand their online ads. They could expand their print to cover more relevant material that attracts a broader audience. Technology needs to be planned out strategically due to the fast-growing advances in technology. If the plan is not thorough enough, then the company can incur a major cost if the equipment is not taken care of and updated as needed.
Critique how well the organization adapts to change.
There has been a decline in print newspaper circulation and subscription for Hoosier Media Inc. over the past 5 years which has led to a 30% drop in revenue. A key factor in profit loss is a result of Hoosier Media not adapting to changing technology and adopting the new methods which people receive information. It would have been beneficial for Hoosier Media to have updated circulation methods in order to incorporate social media and online subscriptions that were in line with the economic changes that were occurring 5-10 years ago. Most shopping is done online now, along with advertising, magazines, and newspapers. An immediate change needs to be implemented for Hoosier Media to catch up with other online businesses. Lewin’s model can help the company make the necessary changes with minimal draw back (David, F., & David, F., 2016).
Discuss the Primary internal organizational considerations
Primary Internal organizational consideration is essential in developing a strategic plan that can help Hoosier Media achieve its goals. The development of a strategic plan will help the company identify potential opportunities the will help the company gain a competitive advantage. Internally the company needs a change in culture to help support the change it needs to shift to a more technological company. Conducting a SWOTT analysis will help Hoosier identify its strengths and weaknesses to help support the culture change. Identifying strength and weaknesses is a key part of developing a strategic plan as well. Included in the analysis would be key elements that will help the company achieve its financial goals.
Discuss the Primary external organization considerations
The advancements in technology, social media, tablets, and cell phones, have played a major role in the way people conduct business. The external organization consideration that is mostly effecting Hoosier media is that people use all these technological advances to get their news. People have strayed away from printed newspapers over the past couple decades and this has taken a toll on Hoosier media. The company is in a position to adapt and change to these external changes and become profitable again with the right strategic plan.
Identify the primary issue and opportunities the company faces
The primary issue for Hoosier Media is the lack of internal changes in the company compared to the external, economic changes its customers went through. The company is facing a 30% decline in revenue over the past 5 years and its online ad revenue only accounts for 5% of its revenue. Society has adapted to the technological advancements while Hoosier media has not. The company is in need of significant changes to catch up with the society.
Conclusion
Hoosier Media Inc. is facing a lost in revenue due to the lack of changes it needs to make. The company needs to undergo a culture change to catch up with the advancements in technology. A well thought our strategic plan that incorporates the way society prefers to get its new, along with a SWOTT analysis will help the company achieves its financial goals. The fact the company has hired an outside consultant firm to help turn the company around, shows the company is willing to undergo changes necessary to save its business.
David, F., & David, F. (2016). Strategic management: A competitive advantage (16th Ed.). Upper Saddle River, NJ: Pearson
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